Phester,
I'm with MJ. Iv'e never heard of an alarm for fuel pressure, but that doesn't mean there isn't. You should not have to prime the oil line. iboats. com has an excellent forrum for outboards, they have helped me out a ton in the past, check e'm out.
http://www.iboats.com/cgi-bin/ubb/ul...ubb=forum;f=28
Good Luck,
Scott